Emirates NBD Beats Estimates With 25% First Quarter Profit Jump - Bloomberg

Emirates NBD Beats Estimates With 25% First Quarter Profit Jump - Bloomberg:



"Emirates NBD PJSC (EMIRATES), the biggest bank by assets in the United Arab Emirates, beat analysts’ estimates with a 25 percent jump in first quarter profit as interest income and fees growth offset a surge in bad loan provisions.



Net profit climbed to 1.04 billion dirhams ($283 million) compared with 836 million a year ago, the Dubai government-controlled lender said in a statement to the bourse today. The mean estimate of five analysts was for a profit of 881.2 million dirhams, according to data compiled by Bloomberg. Impairment allowances, including for bad loans, increased 43 percent.



Lending and investment banking in the U.A.E., the Arab world’s second-biggest economy, are improving as Dubai’s real-estate, tourism and trade industries recover from a slump during the global credit crisis. Dubai says its economy will expand by about 4.7 percent this year after the emirate won a bid in November to host the World Expo in 2020, while property prices are forecast by the Land Department to jump 40 percent this year."



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